Camden Property Trust Announces Fourth Quarter 2025 Operating Results, 2026 Financial Outlook, and First Quarter 2026 Dividend

HOUSTON--( BUSINESS WIRE)--Camden Property Trust (NYSE:CPT) (the "Company") announced today operating results for the three and twelve months ended December 31, 2025. Net Income Attributable to Common Shareholders (“EPS”), Funds from Operations (“FFO”), Core Funds from Operations ("Core FFO"), and Core Adjusted Funds from Operations (“Core AFFO”) for the three and twelve months ended December 31, 2025 are detailed below. A reconciliation of EPS to FFO, Core FFO, and Core AFFO is included in the financial tables accompanying this press release.

Three Months Ended December 31,

Twelve Months Ended December 31,

Per Diluted Share

2025

2024

2025

2024

EPS (1)

$1.44

$0.37

$3.54

$1.50

FFO

$1.73

$1.68

$6.77

$6.70

Core FFO

$1.76

$1.73

$6.88

$6.85

Core AFFO

$1.46

$5.90

$5.88

Three Months Ended

4Q25 Guidance

Per Diluted Share

December 31, 2025

Midpoint

Variance

EPS (1)

$1.44

$0.35

$1.09

FFO

$1.73

$1.70

$0.03

Core FFO

$1.76

$1.73

$0.03

(1) For the three and twelve months ended December 31, 2025, EPS included approximately $0.12 per share of impairments associated with undeveloped land parcels. For the twelve months ended December 31, 2024, EPS included approximately $0.37 per share of impairments associated with undeveloped land parcels.

Quarterly Growth

Sequential Growth

Year-To-Date Growth

Same Property Results

4Q25 vs. 4Q24

4Q25 vs. 3Q25

2025 vs. 2024

Revenues

0.5%

(0.8)%

0.8%

Expenses

1.5%

(5.1)%

1.7%

Net Operating Income ("NOI")

0.0%

1.7%

0.3%

Same Property Results

4Q25

4Q24

3Q25

Occupancy

95.2%

95.3%

95.5%

For 2025, the Company defines same property communities as communities wholly-owned and stabilized since January 1, 2024, excluding communities under redevelopment and properties held for sale. A reconciliation of net income to NOI and same property NOI is included in the financial tables accompanying this press release.

Operating Statistics - Same Property Portfolio

New Lease and Renewal Data - Date Effective (1)

4Q25

4Q24

Effective New Lease Rates

(5.3)%

(4.7)%

Effective Renewal Rates

2.8%

3.3%

Effective Blended Lease Rates

(1.6)%

(1.1)%

(1) Average change in same property new lease and renewal rates vs. expiring lease rates when effective.

4Q25

4Q24

Occupancy

95.2%

95.3%

Bad Debt

0.7%

Annualized Gross Turnover

40%

41%

Annualized Net Turnover

30%

31%

Development Activity

During the quarter, lease-up was completed at Camden Long Meadow Farms in Richmond, TX and leasing continued at Camden Village District in Raleigh, NC.

Development Communities - Construction Completed and Project in Lease-Up ($ in millions)

Total

% Leased

Community Name

Location

Homes

Cost

as of 1/31/2026

Camden Village District

Raleigh, NC

369

$139.2

60%

Development Communities - Construction Ongoing ($ in millions)

Total

Community Name

Location

Homes

Estimated Cost

Camden South Charlotte

Charlotte, NC

420

$157.0

Camden Blakeney

Charlotte, NC

349

151.0

Camden Nations

Nashville, TN

393

184.0

Total

1,162

$492.0

Acquisition and Disposition Activity

During the quarter, the Company acquired Camden Lake Buena Vista, a 322-apartment home community located in Orlando, FL for approximately $85.2 million. Also during the quarter, the Company disposed of two operating communities that operated as one dual-phased community in Houston, TX and one operating community in Phoenix, AZ comprising a total of 979 apartment homes for approximately $201.0 million and recognized a gain of approximately $128.0 million.

Subsequent to quarter end, the Company began marketing for sale 11 operating communities in California.

Share Repurchase

During the quarter, Camden repurchased 2,065,276 common shares at an average price of $106.82 per share for a total of $220.6 million. Year to date, Camden repurchased 2,531,018 common shares at an average share price of $106.92 for a total of $270.6 million. Subsequent to quarter end, Camden repurchased 1,096,807 common shares at an average price of $110.03 for a total of $120.7 million.

In February 2026, Camden's Board of Trust Managers authorized a new share repurchase program up to $600.0 million. The Company currently has $600.0 million remaining under this stock repurchase program.

Liquidity Analysis

As of December 31, 2025, Camden had approximately $635.2 million of liquidity comprised of approximately $25.2 million in cash and cash equivalents, and approximately $610.0 million of availability under its unsecured credit facility and commercial paper program. At quarter-end, the Company had approximately $213.8 million left to fund under its existing wholly-owned development pipeline.

Earnings Guidance

Camden provided initial earnings guidance for 2026 based on its current and expected views of the apartment market and general economic conditions, and provided guidance for first quarter 2026 as detailed below. Expected EPS excludes gains, if any, from future real estate transactions.

1Q26

2026

Per Diluted Share

Range

Midpoint

Range

Midpoint

EPS

$0.22 - $0.26

$0.24

$0.40 - $0.70

$0.55

FFO

$1.61 - $1.65

$1.63

$6.46 - $6.76

$6.61

Core FFO (1)

$1.64 - $1.68

$1.66

$6.60 - $6.90

$6.75

(1) The Company's 2026 core FFO guidance excludes approximately $0.14 per share of non-core charges for legal costs and settlements and expensed transaction pursuit costs.

A reconciliation of 2026 Core FFO per share guidance as compared to 2025 actual results is detailed below.

2025 Core FFO per share - actual

$ 6.880

Nonrecurring fee and asset management income

(0.040)

Lower same property NOI growth

(0.045)

Higher general overhead and other corporate expenses

(0.045)

2026 Core FFO per share - midpoint guidance

$ 6.750

2026

Same Property Growth Guidance

Range

Midpoint

Revenues

(0.25%) - 1.75%

0.75%

Expenses

2.25% - 3.75%

3.00%

NOI

(2.50%) - 1.50%

(0.50)%

For 2026, the Company defines same property communities as communities owned and stabilized since January 1, 2025, including properties currently being marketed for sale.

Camden intends to update its earnings guidance to the market on a quarterly basis. Additional information on the Company’s 2026 financial outlook including key assumptions for same property growth and a reconciliation of expected EPS to expected FFO and expected Core FFO are included in the financial tables accompanying this press release.

Quarterly Dividend Declaration

Camden's Board of Trust Managers declared a first quarter 2026 dividend of $1.06 per common share payable on April 17, 2026 to shareholders of record as of March 31, 2026. In declaring the dividend, the Board of Trust Managers considered a number of factors, including the Company's past performance and future prospects, as described in this press release.

Conference Call

Friday, February 6, 2026 at 10:00 AM CT

Domestic Dial-In Number: (888) 317-6003; International Dial-In Number: (412) 317-6061; Passcode: 7679266

Webcast: https://investors.camdenliving.com

The Company strongly encourages interested parties to join the call via webcast in order to view any associated videos, slide presentations, etc. The dial-in phone line will be reserved for accredited analysts and investors who plan to pose questions to Management during the Q&A session of the call.

Supplemental financial information is available in the Investors section of the Company’s website under Earnings Releases or by calling Camden’s Investor Relations Department at (713) 354-2787.

Forward-Looking Statements

In addition to historical information, this press release contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimates, and projections about the industry and markets in which Camden operates, management's beliefs, and assumptions made by management. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties which are difficult to predict. Factors which may cause the Company’s actual results or performance to differ materially from those contemplated by forward-looking statements are described under the heading “Risk Factors” in Camden’s Annual Report on Form 10-K and in other filings with the Securities and Exchange Commission (SEC). Forward-looking statements made in today’s press release represent management’s current opinions at the time of this publication, and the Company assumes no obligation to update or supplement these statements because of subsequent events.

About Camden

Camden Property Trust, an S&P 500 Company, is a real estate company primarily engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Camden owns and operates 172 properties containing 58,759 apartment homes across the United States. Upon completion of 3 properties currently under development, the Company’s portfolio will increase to 59,921 apartment homes in 175 properties. Camden has been recognized as one of the 100 Best Companies to Work For® by FORTUNE magazine for 18 consecutive years, most recently ranking #18. For additional information, please contact Camden’s Investor Relations Department at (713) 354-2787 or access our website at camdenliving.com.

CAMDEN

OPERATING RESULTS

(In thousands, except per share amounts)

(Unaudited)

Three Months Ended December 31,

Twelve Months Ended December 31,

2025

2024

2025

2024

OPERATING DATA

Property revenues (a)

$390,794

$386,319

$1,573,544

$1,543,842

Property expenses

Property operating and maintenance

90,514

90,571

369,889

365,681

Real estate taxes

47,408

47,440

196,821

193,124

Total property expenses

137,922

138,011

566,710

558,805

Non-property income

Fee and asset management

5,282

1,540

12,967

7,137

Interest and other income/(loss)

100

(22)

256

4,420

Income/(loss) on deferred compensation plans

2,963

(2,511)

19,260

12,629

Total non-property income/(loss)

8,345

(993)

32,483

24,186

Other expenses

Property management

8,995

9,274

37,452

38,331

Fee and asset management

797

659

3,074

2,200

General and administrative

19,841

18,673

79,344

72,365

Interest

34,079

32,565

138,239

129,815

Depreciation and amortization

150,191

145,474

611,025

582,014

Expense/(benefit) on deferred compensation plans

2,963

(2,511)

19,260

12,629

Total other expenses

216,866

204,134

888,394

837,354

Impairment associated with land development activities

(12,916)

—

(12,916)

(40,988)

Loss on early retirement of debt

—

(921)

Gain on sale of operating properties

127,972

—

260,910

43,806

Income from continuing operations before income taxes

159,407

43,181

398,917

173,766

Income tax expense

(1,449)

(572)

(4,019)

(2,926)

Net income

157,958

42,609

394,898

170,840

Net Income allocated to non-controlling interests

(1,922)

(1,918)

(10,436)

(7,547)

Net income attributable to common shareholders

$156,036

$40,691

$384,462

$163,293

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Net income

$157,958

$42,609

$394,898

$170,840

Other comprehensive income

Unrealized gain on cash flow hedging activities

—

Unrealized loss and unamortized prior service cost on post retirement obligation

(212)

(18)

(212)

(18)

Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation

350

351

1,403

2,159

Comprehensive income

158,096

42,942

396,089

173,066

Net income allocated to non-controlling interests

(1,922)

(1,918)

(10,436)

(7,547)

Comprehensive income attributable to common shareholders

$156,174

$41,024

$385,653

$165,519

PER SHARE DATA

Total earnings per common share - basic

$1.44

$0.37

$3.54

$1.50

Total earnings per common share - diluted

1.44

0.37

3.54

1.50

Weighted average number of common shares outstanding:

Basic

107,821

108,428

108,376

108,491

Diluted

108,617

108,515

108,434

108,539

(a)

We elected to combine lease and non-lease components and thus present rental revenue in a single line item in our consolidated statements of income and comprehensive income. For the three months ended December 31, 2025, we recognized $390.8 million of property revenue which consisted of approximately $347.7 million of rental revenue and approximately $43.1 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. This compares to property revenue of $386.3 million recognized for the three months ended December 31, 2024, made up of approximately $344.9 million of rental revenue and approximately $41.4 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. For the twelve months ended December 31, 2025, we recognized $1,573.5 million of property revenue which consisted of approximately $1,399.9 million of rental revenue and approximately $173.6 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. This compares to the $1,543.8 million of property revenue recognized for the twelve months ended December 31, 2024, made up of approximately $1,376.0 million of rental revenue and approximately $167.8 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. Revenue related to utility rebilling to residents was $12.1 million and $11.0 million for the three months ended December 31, 2025 and 2024, respectively and was $46.9 million and $42.9 million for the twelve months ended December 30, 2025 and 2024, respectively.

CAMDEN

FUNDS FROM OPERATIONS

(In thousands, except per share and property data amounts)

(Unaudited)

Three Months Ended December 31,

Twelve Months Ended December 31,

2025

2024

2025

2024

FUNDS FROM OPERATIONS

Net income attributable to common shareholders

$156,036

$40,691

$384,462

$163,293

Real estate depreciation and amortization

146,599

142,403

597,925

569,998

Income allocated to non-controlling interests

1,922

1,918

10,436

7,547

Gain on sale of operating properties

(127,972)

—

(260,910)

(43,806)

Impairment associated with land development activities

12,916

—

12,916

40,988

Funds from operations

$189,501

$185,012

$744,829

$738,020

Less: Casualty-related expenses, net of (recoveries) (a)

3,080

(1,354)

5,849

Plus: Severance (b)

—

506

Plus: Legal costs and settlements (b)

2,277

1,577

8,611

4,844

Plus: Loss on early retirement of debt

—

921

Plus: Expensed transaction, development, and other pursuit costs (b)

1,131

710

4,789

2,203

Plus: Advocacy contributions (c)

—

1,653

Plus: Other miscellaneous items (a)

106

—

350

—

Core funds from operations

$193,074

$190,379

$757,225

$753,996

Less: Recurring capitalized expenditures (d)

(32,834)

(29,107)

(108,174)

(106,403)

Core adjusted funds from operations

$160,240

$161,272

$649,051

$647,593

PER SHARE DATA

Funds from operations - diluted

$1.73

$1.68

$6.77

$6.70

Core funds from operations - diluted

1.76

1.73

6.88

6.85

Core adjusted funds from operations - diluted

1.46

5.90

5.88

Distributions declared per common share

1.05

1.03

4.20

4.12

Weighted average number of common shares outstanding:

FFO/Core FFO/Core AFFO - diluted

109,486

110,109

110,028

110,133

PROPERTY DATA

Total operating properties (end of period) (e)

172

174

172

174

Total operating apartment homes in operating properties (end of period) (e)

58,759

58,858

58,759

58,858

Total operating apartment homes (weighted average)

58,615

58,588

59,095

58,405

(a) Non-core adjustment generally recorded within Property NOI.

(b) Non-core adjustment generally recorded within General and Administrative Expenses.

(d) Capital expenditures necessary to help preserve the value of and maintain the functionality at our communities.

(e) Includes joint ventures and properties held for sale, if any.

Note: Please refer to the following pages for definitions and reconciliations of all non-GAAP financial measures presented in this document.

CAMDEN

BALANCE SHEETS

(In thousands)

(Unaudited)

Dec 31,

2025

Sep 30,

2025

Jun 30,

2025

Mar 31,

2025

Dec 31,

2024

ASSETS

Real estate assets, at cost

Land

$1,787,445

$1,791,077

$1,789,207

$1,763,468

$1,722,526

Buildings and improvements

11,792,960

11,812,521

11,763,017

11,550,852

11,319,460

13,580,405

13,603,598

13,552,224

13,314,320

13,041,986

Accumulated depreciation

(5,296,061)

(5,234,087)

(5,128,622)

(5,011,583)

(4,867,422)

Net operating real estate assets

8,284,344

8,369,511

8,423,602

8,302,737

8,174,564

Properties under development and land

419,227

384,124

380,437

403,657

401,542

Total real estate assets

8,703,571

8,753,635

8,804,039

8,706,394

8,576,106

Accounts receivable – affiliates

8,884

8,889

8,950

8,991

Other assets, net (a)

293,292

255,333

262,100

239,999

234,838

Cash and cash equivalents

25,203

25,931

33,091

26,182

21,045

Restricted cash

12,039

11,378

11,454

11,607

11,164

Total assets

$9,042,989

$9,055,166

$9,119,573

$8,993,132

$8,852,144

LIABILITIES AND EQUITY

Liabilities

Notes payable

Unsecured

$3,570,193

$3,409,691

$3,495,487

$3,405,255

$3,155,233

Secured

330,597

330,536

330,476

330,416

330,358

Accounts payable and accrued expenses

248,087

232,960

206,018

195,197

215,179

Accrued real estate taxes

92,382

129,697

91,954

46,192

78,529

Distributions payable

114,971

115,518

116,007

115,983

113,549

Other liabilities (b)

248,506

224,989

219,635

212,871

212,107

Total liabilities

4,604,736

4,443,391

4,459,577

4,305,914

4,104,955

Equity

Common shares of beneficial interest

1,157

1,158

Additional paid-in capital

5,948,938

5,945,277

5,941,893

5,936,982

5,930,729

Distributions in excess of net income attributable to common shareholders

(969,240)

(1,011,983)

(1,007,075)

(973,416)

(897,931)

Treasury shares

(620,497)

(400,185)

(350,166)

(351,092)

(359,732)

Accumulated other comprehensive income (c)

2,165

2,027

1,676

1,325

974

Total common equity

4,362,523

4,536,293

4,587,485

4,614,956

4,675,198

Non-controlling interests

75,730

75,482

72,511

72,262

71,991

Total equity

4,438,253

4,611,775

4,659,996

4,687,218

4,747,189

Total liabilities and equity

$9,042,989

$9,055,166

$9,119,573

$8,993,132

$8,852,144

(a) Includes net deferred charges of:

$534

$1,296

$1,953

$2,730

$2,675

(b) Includes deferred revenues of:

$614

$624

$692

$760

$767

(c) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net gain on cash flow hedging activities.

CAMDEN

NON-GAAP FINANCIAL MEASURES

DEFINITIONS & RECONCILIATIONS

(In thousands, except per share amounts)

(Unaudited)

This document contains certain non-GAAP financial measures management believes are useful in evaluating an equity REIT's performance. Camden's definitions and calculations of non-GAAP financial measures may differ from those used by other REITs, and thus may not be comparable. The non-GAAP financial measures should not be considered as an alternative to net income as an indication of our operating performance, or to net cash provided by operating activities as a measure of our liquidity.

FFO

The National Association of Real Estate Investment Trusts (“NAREIT”) currently defines FFO as net income (calculated in accordance with accounting principles generally accepted in the United States of America ("GAAP"), excluding depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, gains and losses from change in control, impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, and adjustments for unconsolidated joint ventures to reflect FFO on the same basis. Our calculation of diluted FFO also assumes conversion of all potentially dilutive securities, including certain non-controlling interests, which are convertible into common shares. We consider FFO to be an appropriate supplemental measure of operating performance because, by excluding gains and losses on dispositions of real estate, impairment write-downs of certain real estate assets, and depreciation, FFO can assist in the comparison of the operating performance of a company’s real estate investments between periods or to different companies.

Core FFO

Core FFO represents FFO as further adjusted for Non-Core Adjustments. We consider Core FFO to be a helpful supplemental measure of operating performance as it excludes certain items which by their nature are not comparable period over period and therefore tends to obscure actual operating performance. Our definition of Core FFO may differ from other REITs, and there can be no assurance our basis for computing this measure is comparable to other REITs.

Core Adjusted FFO

In addition to FFO & Core FFO, we compute Core Adjusted FFO ("Core AFFO") as a supplemental measure of operating performance. Core AFFO is calculated utilizing Core FFO less recurring capital expenditures which are necessary to help preserve the value of and maintain the functionality at our communities. Our definition of recurring capital expenditures may differ from other REITs, and there can be no assurance our basis for computing this measure is comparable to other REITs. A reconciliation of FFO to Core FFO and Core AFFO is provided below:

Three Months Ended December 31,

Twelve Months Ended December 31,

2025

2024

2025

2024

Net income attributable to common shareholders

$156,036

$40,691

$384,462

$163,293

Real estate depreciation and amortization

146,599

142,403

597,925

569,998

Income allocated to non-controlling interests

1,922

1,918

10,436

7,547

Gain on sale of operating properties

(127,972)

—

(260,910)

(43,806)

Impairment associated with land development activities

12,916

—

12,916

40,988

Funds from operations

$189,501

$185,012

$744,829

$738,020

Less: Casualty-related expenses, net of (recoveries)

3,080

(1,354)

5,849

Plus: Severance

—

506

Plus: Legal costs and settlements

2,277

1,577

8,611

4,844

Plus: Loss on early retirement of debt

—

921

Plus: Expensed transaction, development, and other pursuit costs

1,131

710

4,789

2,203

Plus: Advocacy contributions

—

1,653

Plus: Miscellaneous other items

106

—

350

—

Core funds from operations

$193,074

$190,379

$757,225

$753,996

Less: Recurring capitalized expenditures

(32,834)

(29,107)

(108,174)

(106,403)

Core adjusted funds from operations

$160,240

$161,272

$649,051

$647,593

Weighted average number of common shares outstanding:

EPS diluted

108,617

108,515

108,434

108,539

FFO/Core FFO/ Core AFFO diluted

109,486

110,109

110,028

110,133

CAMDEN

NON-GAAP FINANCIAL MEASURES

DEFINITIONS & RECONCILIATIONS

(In thousands, except per share amounts)

(Unaudited)

Reconciliation of FFO, Core FFO, and Core AFFO per share

Three Months Ended December 31,

Twelve Months Ended December 31,

2025

2024

2025

2024

Total Earnings Per Common Share - Diluted

$1.44

$0.37

$3.54

$1.50

Real estate depreciation and amortization

1.33

1.28

5.39

5.16

Income allocated to non-controlling interests

0.01

0.03

0.09

0.07

Gain on sale of operating properties

(1.17)

—

(2.37)

(0.40)

Impairment associated with land development activities

0.12

—

0.12

0.37

FFO per common share - Diluted

$1.73

$1.68

$6.77

$6.70

Less: Casualty-related expenses, net of (recoveries)

—

0.03

(0.01)

0.05

Plus: Severance

—

Plus: Legal costs and settlements

0.02

0.01

0.08

0.04

Plus: Loss on early retirement of debt

—

0.02

Plus: Expensed transaction, development, and other pursuit costs

0.01

0.04

0.02

Plus: Advocacy contributions

—

0.02

Plus: Miscellaneous other items

—

Core FFO per common share - Diluted

$1.76

$1.73

$6.88

$6.85

Less: Recurring capitalized expenditures

(0.30)

(0.27)

(0.98)

(0.97)

Core AFFO per common share - Diluted

$1.46

$5.90

$5.88

Expected FFO & Core FFO

Expected FFO and Core FFO is calculated in a method consistent with historical FFO and Core FFO, and is considered appropriate supplemental measures of expected operating performance when compared to expected earnings per common share (EPS). A reconciliation of the ranges provided for diluted EPS to expected FFO and expected Core FFO per diluted share is provided below:

1Q26

Range

2026

Range

Low

High

Low

High

Expected earnings per common share - diluted

$0.22

$0.26

$0.40

$0.70

Expected real estate depreciation and amortization

1.37

5.99

Expected income allocated to non-controlling interests

0.02

0.07

Expected FFO per share - diluted

$1.61

$1.65

$6.46

$6.76

Anticipated Adjustments to FFO

0.03

0.14

Expected Core FFO per share - diluted

$1.64

$1.68

$6.60

$6.90

Note: This table contains forward-looking statements. Please see paragraph regarding forward-looking statements earlier in this document.

CAMDEN

NON-GAAP FINANCIAL MEASURES

DEFINITIONS & RECONCILIATIONS

(In thousands, except per share amounts)

(Unaudited)

Net Operating Income (NOI)

NOI is defined by the Company as property revenue less total property expenses. NOI is further detailed in the Components of Property NOI schedules on page 11 of the supplement. The Company considers NOI to be an appropriate supplemental measure of operating performance to net income because it reflects the operating performance of our communities without allocation of corporate level property management overhead or general and administrative costs. Our definition of NOI may differ from other REITs and there can be no assurance our basis for computing this measure is comparable to other REITs. A reconciliation of net income to net operating income is provided below:

Three months ended December 31,

Twelve months ended December 31,

2025

2024

2025

2024

Net income

$157,958

$42,609

$394,898

$170,840

Less: Fee and asset management income

(5,282)

(1,540)

(12,967)

(7,137)

Less: Interest and other income/(loss)

(100)

(256)

(4,420)

Less: Income/(loss) on deferred compensation plans

(2,963)

2,511

(19,260)

(12,629)

Plus: Property management expense

8,995

9,274

37,452

38,331

Plus: Fee and asset management expense

797

659

3,074

2,200

Plus: General and administrative expense

19,841

18,673

79,344

72,365

Plus: Interest expense

34,079

32,565

138,239

129,815

Plus: Depreciation and amortization expense

150,191

145,474

611,025

582,014

Plus: Expense/(benefit) on deferred compensation plans

2,963

(2,511)

19,260

12,629

Plus: Impairment associated with land development activities

12,916

—

12,916

40,988

Plus: Loss on early retirement of debt

—

921

Less: Gain on sale of operating properties

(127,972)

—

(260,910)

(43,806)

Plus: Income tax expense

1,449

572

4,019

2,926

NOI

$252,872

$248,308

$1,006,834

$985,037

"Same Property" Communities

$235,844

$235,934

$936,497

$934,141

Non-"Same Property" Communities

13,524

8,124

46,603

25,555

Development and Lease-Up Communities

376

—

685

(6)

Disposition/Other

3,128

4,250

23,049

25,347

NOI

$252,872

$248,308

$1,006,834

$985,037

CAMDEN

NON-GAAP FINANCIAL MEASURES

DEFINITIONS & RECONCILIATIONS

(In thousands, except per share amounts)

(Unaudited)

EBITDAre and Adjusted EBITDAre

Earnings Before Interest, Taxes, Depreciation, and Amortization for Real Estate (“EBITDAre”) and Adjusted EBITDAre are supplemental measures of our financial performance. EBITDAre is calculated in accordance with the definition adopted by NAREIT as earnings before interest, taxes, depreciation and amortization plus or minus losses and gains from the sale of certain real estate assets, including gains/losses on change of control, plus impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, and adjustments to reflect the Company’s share of EBITDAre of unconsolidated joint ventures.

Adjusted EBITDAre represents EBITDAre as further adjusted for non-core items. The Company considers EBITDAre and Adjusted EBITDAre to be appropriate supplemental measures of operating performance to net income because it represents income before non-cash depreciation and the cost of debt, and excludes gains or losses from property dispositions, and impairment write-downs of certain real estate assets. Annualized Adjusted EBITDAre is Adjusted EBITDAre as reported for the period multiplied by 4 for quarter results. A reconciliation of net income to EBITDAre and adjusted EBITDAre is provided below:

Three months ended December 31,

Twelve months ended December 31,

2025

2024

2025

2024

Net income

$157,958

$42,609

$394,898

$170,840

Plus: Interest expense

34,079

32,565

138,239

129,815

Plus: Depreciation and amortization expense

150,191

145,474

611,025

582,014

Plus: Income tax expense

1,449

572

4,019

2,926

Less: Gain on sale of operating properties

(127,972)

—

(260,910)

(43,806)

Plus: Impairment associated with land development activities

12,916

—

12,916

40,988

EBITDAre

$228,621

$221,220

$900,187

$882,777

Less: Casualty-related expenses, net of (recoveries)

3,080

(1,354)

5,849

Plus: Severance

—

506

Plus: Legal costs and settlements

2,277

1,577

8,611

4,844

Plus: Loss on early retirement of debt

—

921

Plus: Expensed transaction, development, and other pursuit costs

1,131

710

4,789

2,203

Plus: Advocacy contributions

—

1,653

Plus: Miscellaneous other items

106

—

350

—

Adjusted EBITDAre

$232,194

$226,587

$912,583

$898,753

Annualized Adjusted EBITDAre

$928,776

$906,348

$912,583

$898,753

Net Debt to Annualized Adjusted EBITDAre

The Company believes Net Debt to Annualized Adjusted EBITDAre to be an appropriate supplemental measure of evaluating balance sheet leverage. Net Debt is defined by the Company as the average monthly balance of Total Debt during the period, less the average monthly balance of Cash and Cash Equivalents during the period. The following tables reconcile average Total debt to Net Debt and computes the ratio to Adjusted EBITDAre for the following periods:

Net Debt:

Average monthly balance for the

Three months ended December 31,

Twelve months ended December 31,

2025

2024

2025

2024

Unsecured notes payable

$3,485,644

$3,169,511

$3,459,543

$3,207,170

Secured notes payable

330,577

330,338

330,486

330,251

Total average debt

3,816,221

3,499,849

3,790,029

3,537,421

Less: Average cash and cash equivalents

(12,428)

(11,022)

(13,654)

(43,782)

Net debt

$3,803,793

$3,488,827

$3,776,375

$3,493,639

Net Debt to Annualized Adjusted EBITDAre:

Three months ended December 31,

Twelve months ended December 31,

2025

2024

2025

2024

Net debt

$3,803,793

$3,488,827

$3,776,375

$3,493,639

Annualized Adjusted EBITDAre

928,776

906,348

912,583

898,753

Net Debt to Annualized Adjusted EBITDAre

4.1x

3.8x

4.1x

3.9x

CAMDEN

2026 FINANCIAL OUTLOOK

AS OF FEBRUARY 5, 2026

(Unaudited)

Earnings Guidance - Per Diluted Share

Expected FFO per share - diluted

$6.46 - $6.76

Expected CORE FFO per share - diluted

$6.60 - $6.90

"Same Property" Communities

Number of Units - 2026

54,970

2025 Base Net Operating Income

$942 million

Total Revenue Growth

(0.25%) - 1.75%

Total Expense Growth

2.25% - 3.75%

Net Operating Income Growth

(2.50%) - 1.50%

Impact from 1.0% change in NOI Growth is approximately $0.09 / share

Capitalized Expenditures

Recurring

$113 - $117 million

Revenue Enhancing Capex and Repositions (a)

$77 - $81 million

Acquisitions/Dispositions

Acquisition Volume

$1.0 - $1.2 billion

Disposition Volume

$1.6 - $2.0 billion

Development

Development Starts

$140 - $335 million

Development Spend

$185 - $215 million

Non-Property Income

Fee and Asset Management Income

$8 - $10 million

Interest Income (b)

$2 - $4 million

Corporate Expenses

General and Administrative (G&A) Expenses

$81 - $85 million

Non-Core Adjustments included above in G&A (c)

$14 - $15 million

Property Management Expenses

$36 - $40 million

Fee and Asset Management Expenses

$2 - $3 million

Corporate G&A Depreciation/Amortization

$14 - $16 million

Income Tax Expenses

$3 - $4 million

Capital

Expected Share Repurchases (d)

$350 - $400 million

Expected Debt Transactions

$400 - $800 million

Expensed Interest

$142 - $146 million

Capitalized Interest

$16 - $18 million

(a)

Revenue Enhancing Capex and Repositions are capital expenditures that improve a community's cash flow and competitive position, typically kitchen and bath upgrades, or other new amenities.

(b)

Income anticipated to be earned from deposits on 1031 disposition proceeds.

(c)

Non-Core Adjustments are items not considered part of our core business operations. Items recorded to General and Administrative Expenses generally includes legal costs and settlements and expensed transaction pursuit costs.

(d)

Includes $120.7 million repurchased in January 2026.